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ISSAI Executive Summaries

Executive Summary:

ISSAI 5440 – Guidance for Conducting a Public Debt Audit – The Use of Substantive Tests in Financial Audits


The guide seeks to increase SAIs capacity by providing a general framework that can be used to approach the audit of public debt and specific advice on how to conduct substantive audit tests.

ISSAI Category:

Level 4: Specific Auditing Guidelines - Guidelines on Audit of Public Debt

Target Group:

Heads and Audit Directors of SAIs, External Governmental Auditors, Internal Auditors


The guide is designed to be relevant and accessible to a wide audience. Information is presented in general terms to identify concepts and issues that auditors can consider when examining public debt.  

Scope - Content:

The guide is organized around INTOSAI field standard requirements. Each field standard is considered in turn to provide a structured approach to the complete audit process.

The document consists of four parts:

  • Elements of public debt management
  • Application of INTOSAI Auditing Standards to public debt audits
  • Application of substantive audit test in public debt audits
  • Substantive audit tests for derivatives

Author - Committee:

INTOSAI Committee on Public Debt


Approved at XIXth Congress of INTOSAI, Mexico 2007


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